Is Your Business Bushfire Safe?

Australian Bush Fire Outlook – Spring 2023

 NSW Large areas of central and northern NSW are expected to see an increased risk of fire in spring 2023.

 

 

 

 

 

 

 

 

ACT – Normal bushfire risk during spring is expected for the ACT.

The long-range outlook for spring predicts drier and warmer conditions, raising the possibility of increased bush and grass fire risks for summer.

Victoria – A warmer spring and earlier start to the high-risk fire season is expected this year, following three years of lower fire-risk seasons as a result of La Niña conditions.

Tasmania – Normal bushfire risk is predicted for spring. Drier, warmer conditions and an abundance of fuel will increase bushfire risk towards summer.

South Australia – Above-average rainfall has rapidly switched to below-average rainfall and drying out of soil in many areas of the state. Much greater fuel loads are present, requiring greater efforts for hazard reduction throughout spring before the hotter weather arrives. SA is expecting well above-average maximum temperatures and above-average minimum temperatures in spring.

Queensland – The combination of drying fuels, forecast below-average rainfall and above-average temperatures will likely bring locally intense bushfire activity. Bushfires may be destructive across parts of Queensland as vegetation becomes flammable during the spring months.

 Northern Territory  Drying conditions are predicted to impact the entire NT as El Niño continues to develop. Average grass fuel loads and adequate fire scar coverage across the Top End, Katherine and Arnhem districts mean these regions have normal fire potential. Above-average grass fuel loads, continuity of these fuels and high densities of invasive Buffel Grass have increased the risk for wildfires to travel across vast distances during spring.

Western Australia – Winter rainfall has been below average for southern WA and above average for northern WA. An above-average wet season in the Kimberley has delayed curing in the savanna grassland and subsequently the late dry season. For southern WA in late spring, drier and warmer conditions may contribute to higher surface fuel availability and make bushfires more difficult to suppress.

Bush Fire Planning Tips

You don’t have to live in the country to be at risk of fire. If you live near areas with significant bush, forest, long grass, or coastal scrub, you need to plan for the fire season.

Not everyone thinks clearly in an emergency. Taking steps to prepare before the fire season means knowing what to do when you’re at risk of fire. A written and preferably well-practised plan will help you remember what needs to be done during a crisis. Use the Bushfire Survival Planning template.

Key Steps

Why should I leave early?

Leaving early is the safest option to protect yourself and your family. Leaving early means leaving the area before there are any signs of a fire – not when you can see flames or smell smoke. Leaving early means avoiding panic, being trapped, making the wrong choices and risking serious injury or death.

Defending Your Property

Planning to stay and defend is a big decision. You could be at serious risk of death or injury from uncontrollable fires on Extreme and Catastrophic fire danger days. Most homes in bushfire-risk areas are not designed for Catastrophic conditions. The Defending Your Property page can help you decide whether or not you are capable of defending your property – and tells you about the risks and preparations involved.

How to plan

Taking steps to prepare before the fire season means knowing what to do when you’re at risk of fire. Every family or household is unique, so every fire plan will be different. The information and templates in the Fire Ready Kit and on this website are designed to assist you.

  1.  Which Fire Danger Rating is your trigger to leave?
  2. Will you leave early that morning or the night before?
  3. Where will you go?
  4. What route will you take – and what is your alternative in the event that a fire is already in the area?
  5. What will you take with you?
  6. What do you need to organise for your pets or livestock?
  7. Who do you need to keep informed of your movements?
  8. Is there anyone you need to help or check up on outside your household?
  9. How will you stay informed about warnings and updates?
  10. What will you do if there is a fire in the area and you cannot leave?

Remember to decide who will do what as part of your plan.

Your destination and journey

Talk to your family and friends about how you’ll know when to leave and where to go to stay safe. When you leave early on a fire-risk day, it’s up to you to decide on a suitable place to go.

If you do not have friends or relatives in low-risk areas who you can visit, consider community facilities such as libraries, shopping centres, swimming pools or cinemas.

If you rely on others for care and support, your only safe option on serious fire risk days is to leave early – never wait to receive a warning.

Why write down your plan?

Would you remember a plan that’s just in your head if you’re surrounded by smoke, heat and flames?

The bushfire season is long and is getting longer, and 2023/2024 is expected to be drier and warmer than previous years.

A written plan will help reduce uncertainty and anxiety.

Remember, any bushfire plan – written or not – is better than no plan.

Contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here, we can guide you with Emergency Planning and Business Continuity. We pride ourselves on being informed about risk and insurance and ensuring you have the right Insurance policy for your needs. This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L, www.insuranceadviser.net

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

 

 


How Inflation is Affecting the Insurance Obligations of Your Business

How Inflation is Affecting the Insurance Obligations of Your Business

Both consumers and businesses have been impacted by inflation over the past three years. 

Although Inflation is generally decreasing, the cost of building materials, machinery and equipment and car parts have increased by 25% in the past three years. 

Like any other business, insurers have been impacted by inflation, including costs of repairing cars and rebuilding costs, which have been passed onto customers through increased premiums.

In this post, we’ll explore how inflation could cause under-insurance of your key business assets and what you can do to avoid it and manage insurance costs. 

Understanding Inflation and Its Impact on Insurance

Firstly, as the cost to rebuild or replace machinery has increased, the sums insured (declared values) on your insurance policies should have increased. 

Underinsurance occurs when the sum insured on your insurance policy — that is, the amount listed as the maximum paid out by the insurer in the event of a claim — isn’t enough to cover the full cost of rebuilding, repairing or replacing your home, commercial building or plant & equipment.

For example, suppose your building insurance has a $500,000 sum insured and the cost to rebuild after a significant loss is quoted as $700,000. In that case, you will not only have to pay the $200,000 gap but also have Average (Co-insurance) applied, resulting in a claim payment of approximately $460,000.  

So, it’s key to ensure your building, machinery and contents for the current replacement value to avoid any gap in cover and delays in settlement. 

Tips for Managing Your Insurance Obligations in an Inflationary Environment

You can do several things to ensure that you maintain the correct sum insured. 

1. Review Your Policies Regularly: businesses continually change to ensure you have the cover you need and keep your insurance adviser up to date, whether it’s inflation related, a new line of products or higher stock levels. 

2. Work with an Experienced Insurance Broker: Working with an experienced insurance broker can help you navigate the complexities of insurance in an inflationary environment. A broker can help by recommending a registered valuer for buildings and equipment. 

3. Consider Different Insurance Options: There are many different insurance cover options available or higher excesses or revise the mix of cover to reflect changes in your business. For example, you may want to consider a bundled insurance policy combining several types of coverage to save money.

Inflation is expected to remain high for some time, so it’s important to check and see if you have the right mix of cover, excess and premium to meet your needs. 

Speak to one of our insurance specialists today, who can work with you to tailor an insurance program that meets your needs.

Contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here, we can guide you with Emergency Planning and Business Continuity. We pride ourselves on being informed about risk and insurance and ensuring you have the right Insurance policy for your needs. This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L, www.insuranceadviser.net

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.


Reducing risk and potential costs associated with workplace injuries

Reducing risk and potential costs associated with workplace injuries

Every business and industry has occupational and safety hazards that can result in injury to employees and contractors. Some workplaces have a higher risk of work-related incidents than others. Despite how big or small your business is, regardless of the industry or the state or territory, all business owners are required to protect the health, safety and welfare of their employees and other people at work.

While worker’s compensation insurance helps to manage the financial costs of medical bills, wage payments and lump sum awards for permanent injury, it doesn’t pay other hidden costs such as reduced productivity, team member stress, reputational damage, overtime etc.

What is work health and safety (WHS)?

It’s essential and also required, under OH&S laws, to manage workplace risks for employees, customers, visitors and suppliers. Managing WHS may initially cost money and time to implement safe practices and install safety equipment. However, not taking action can result in prosecution, fines and loss of skilled staff.

Managing health and safety

A workplace health and safety management system is a set of policies, procedures and plans that systematically manage health and safety at work and can help to minimise the risk of injury and illness from workplace operations.

There is a lot of free material online to assist in managing work health and safety risks, including How to Manage Work Health and Safety Risks from WorkSafe QLD.

Well-designed policies and procedures help organisations comply with work health and safety legislation and regulations, assist employees by minimising injuries at the work site, as well as minimising indirect costs to the company.

Contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here, we can guide you with Emergency Planning and Business Continuity. We pride ourselves on being informed about risk and insurance and ensuring you have the right Insurance policy for your needs.This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L, www.insuranceadviser.net

Disclaimer:
This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement. 

 

Important Information 

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. This type of insurance product is designed for small and large businesses, that want to be covered against financial loss relating to accidents or personal injury involving contractors or sub-contractors.

We strongly recommend that you consider the suitability of this information, in respect of your objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.


Over 34000 Applications Lodged Lead to 2023 Fair Work Changes

As you are undoubtedly aware, the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act was passed in 2022, promising a boost to wages and the closing of the gender pay gap with a myriad of changes to be rolled out during 2023.

Business 360 newsletter articles at the end of 2022 HR News – Business 360 Pty Ltd (business360pps.com.au), unpacked a number of the changes already in place or due for upcoming implementation, including:

  • Prohibition of pay secrecy in employment contracts
  • Limitations on the use of fixed-term contracts
  • Paid Family and Domestic Violence Leave
  • Changes to flexible working arrangements
  • Changes to bargaining and enterprise agreements and a simplified BOOT (Better Off Overall Test)

It was also a landmark year for employees challenging their employers through contact with the Fair Work Ombudsman and Fair Work Commission.  Take a look at these statistics:

 

Of the applications lodged with Fair Work, a whopping:

  • 70,000 plus employees made underpayment of wages claims
  • $150 Million in back payments Fair Work investigations recovered
  • Record fines for Businesses & Directors
  • 13,096 employees lodged unfair dismissal claims
  • 5,010 employees lodged cases of dismissal involving a general protection
  • 1,874 employees lodged cases for sexual harassment
  • 631 employees lodged cases to stop bullying

NOW is the time to get your HR practices in order, with applications and claims set to increase significantly as the new Secure Jobs, Better Pay Act provides even more protection for employees.

Ask yourself whether your business is on track to adopting the new requirements.  For example:

  • Have you reviewed pay rates, classifications and award changes?
  • Have you updated your employment contracts and policies?
  • Has your payroll system been updated to provide for paid family and domestic violence leave?
  • Have you ceased advertising pay rates in your job advertisements that are below modern award rates?
  • Have you considered how you will manage flexible work requests?
  • Have you thought about how you can respond directly to employees when they find out a team mate is being paid more than they are?

Need help getting your HR practices in order?  Business 360 can assist you in answering all the above questions.

Business 360 can conduct a compliance check of your current HR practices, including salary and wage practices, create or update your policies and educate your team, giving you peace of mind if a Fair Work claim is made against your business.  You’ll be off to a good start in defending the claim.

Contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here, we can guide you with Emergency Planning and Business Continuity. We pride ourselves on being informed about risk and insurance and ensuring you have the right Insurance policy for your needs.This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L, www.insuranceadviser.net

Disclaimer:
This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement. 


The Optus cyber breach reminds us of the importance of cyber security

The Optus cyber breach reminds us of the importance of cyber security

The Optus cyber breach reminds us of the importance of cyber security

On 22nd October 2022, the Optus cyber breach resulted in the disclosure of personal information of more than 10 million customer accounts. Names, addresses, phone numbers, dates of birth, email addresses, and even driver’s licence, passport and Medicare numbers were stolen in the security breach. A ransom was demanded and the data of 10,000 customers was posted on the web for anyone to access.

Continue reading The Optus cyber breach reminds us of the importance of cyber security

Marine and Hull Insurance Uncovered

Marine and Hull Insurance Uncovered

Marine and Hull Insurance Uncovered

The vast majority of international freight (90%) is transported around the world by sea with more than 70% in containers. Unfortunately, merchant shipping isn’t always the safest form of transportation; there were 88 major accidents involving merchant shipping reported worldwide in September 2019, and five ships were lost. 

Continue reading Marine and Hull Insurance Uncovered

Balancing risks and insurance costs for your business

Balancing risks and insurance costs for your business

Balancing risks and insurance costs for your business

One of the most fundamental priorities for any business owner is balancing their risks against the insurance costs to cover them. In other words, is the benefit of insurance worth the price of the premiums?

This is a question that many business owners are struggling with because, quite frankly, the cost of many insurance policies has risen quite remarkedly over the past few years. It all comes down to balancing costs and risks as business owners are faced with both increased premiums and increased risks.

Continue reading Balancing risks and insurance costs for your business

Mitigating Exposures: Importers and Wholesalers Guide to Product Liability

Mitigating Exposures: Importers and Wholesalers Guide to Product Liability

Mitigating Exposures: Importers and Wholesalers Guide to Product Liability

Importing and wholesaling are popular business avenues with great potential for success. However, no matter the product, scale or market, many risks are involved. In fact, even the most well-designed product that has been through quality assurance and distributed through well-known agents, wholesalers or retailers can still be subjected to extensive liability claims. 

As an importer or wholesaler, you’re likely not directly involved with the manufacturing process, so it is easy to assume your exposure to product liability claims for financial loss, injury or damage is slim. But in many circumstances, this is not the case. The Australian Consumer Law usually places full responsibility and legal liability on the importer or wholesaler. The manufacturer is usually next in line, so you may be more exposed than you think. 

Continue reading Mitigating Exposures: Importers and Wholesalers Guide to Product Liability

How to get the most out of your commercial property insurance

How to get the most out of your commercial property insurance

How to get the most out of your commercial property insurance

If your business operates from its own premises, it’s likely that your company actually owns the property where your business is located. So given that you own at least one commercial property, how do you get the most value from your policy? 

Continue reading How to get the most out of your commercial property insurance

Still thinking about environmental cover or pollution insurance?

Still thinking about environmental cover or pollution insurance?

 

Still thinking about environmental cover or pollution insurance?

As a business owner in Australia, you may be responsible for any environmental pollution created by your operations, whether accidental or intentional. That’s where Environmental Liability, also known as Pollution Insurance or Pollution Liability Insurance, becomes essential.

After all, it’s not only your reputation that takes a hit if you pollute the environment. Tightening legislation means that the legal burden on businesses that cause harm to the environment can be quite severe. Whilst large multinationals may be able weather these costs, SMEs don’t have the same financial resources.

Continue reading Still thinking about environmental cover or pollution insurance?